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  • 10 7 Million Seniors Have Most To Lose If Obamacare Problems Persist

    While many seniors rely on Social Security for nearly all their retirement income, for others it is part but not all their retirement. Those seniors have investments they rely on to generate the income they need in their retirement years. .TSCL enthusiastically supports H.R. 1902 and H.R. 242, and we were pleased to see support grow for both of them this week. For more information, visit the Bill Tracking section of our website. .Finally, one new cosponsor – Rep. Alcee Hastings (FL-20) – signed on to the Medicare Physician Payment Innovation Act (H.R. 574) this week bringing the total up to thirty-seven. If signed into law, H.R. 574 would repeal and replace the sustainable growth rate (SGR), which is the flawed formula that is currently used to determine reimbursements for physicians who treat Medicare patients. Adopting H.R. 574 would bring increased stability to the Medicare program for both physicians and beneficiaries. … Continued

  • Category Issues Cola Articles Page 12

    After a much-anticipated election and an action-packed lame-duck session, the 113th Congress has officially begun and The Senior Citizens League (TSCL) is gearing up for a busy year. Although the November election did not drastically alter the makeup on Capitol Hill, TSCL is expecting many new successes and challenges to arise. With the election finally behind them, lawmakers are able to focus on some of the complex policy issues that sit high on their agendas, like deficit reduction, immigration reform, and comprehensive tax reform. .As a country, we need to be ready to fix this problem once our economy recovers by making reforms that strengthen both programs. Once this occurs, more money will flow back into the trust funds to bolster their coffers. To address this issue I introduced H.R. 1517, the Social Security and Medicare Lock-Box Act, which would establish separate surplus accounts for both the Social Security and Medicare Part A trust fund and help protect against anyone in Washington from spending those resources on unrelated projects. Washington may be broken but legislation like H.R. 1517 will help ensure retirees' hard-earned tax dollars are protected and our promise to seniors is kept. .Apply for Extra Help. Extra Help is the Medicare program for low-income seniors that can help with most or all of the cost of your drug plan premium, deductibles and co-pays. You also get valuable coverage in the Part D coverage gap. If you qualify, you would pay between $ for each drug. Apply even if you aren't sure, because the income requirements are not as stringent as those for State Pharmacy assistance programs. … Continued

Many observers believe the plan will likely include a combination of tax increases and benefit cuts for Social Security. Some of the most commonly mentioned proposals are: (1) switching to the chained Consumer Price Index (CPI) to calculate Social Security COLAs; (2) lifting or raising the cap on income which is subject to Social Security taxes; and (3) raising the Social Security retirement age. Switching to the chained CPI alone would both reduce initial benefits and cut lifetime Social Security benefits by more than 10%. .Social Security is by far and away the nation's most successful and popular insurance program. .This week, lawmakers remained in their home states and districts for the two-week spring recess. .Stories About High Drug Costs Lead To Congressional Investigation of Pharmaceutical Pricing .The announcement of the annual Social Security cost-of-living adjustment (COLA) for the following year is like watching Charlie Brown trying to kick a football. Charlie Brown, our beloved cartoon character by Charles Schultz, gets talked into kicking off a football by the diabolical Lucy. Just as Charlie runs up to the football. Social Security Announces 1.3% COLA For 2021, One of Lowest Ever Paid Social Security recipients will receive an annual inflation boost of just 1.3% in 202The increase is so small, it's one of the lowest on record. The 2021 cost of living adjustment (COLA) will increase the average retiree ,523 benefit by about per month to ,54That increase is expected to be significantly offset,. An Emergency 2.5% COLA Could Add ,000 To Your Social Security Income Over the First Ten Years , editor .For example, RMDs for retirees who turned 70 ½ in 2019 would have been based on the value of their retirement accounts on December 31, 201At that time the Dow was 28,462 compared to 24,101 on April 1, 2020, when their RMD was due. However, the CARES Act waiver applies to this group as well as people like you who turn 70 ½ in 2020. .The Social Security Administration maintains an "earnings suspense file" which tracks wages sent in by employers, for earnings that cannot be posted to individual workers' records because there is no match for the name and Social Security number. The Congressional Research Service reports that wages represented in the earnings suspense file currently amount to approximately 0 billion. According to Social Security Administration Inspector Patrick P. O'Carroll, "We believe the chief cause of wage items being posted to the earnings suspense file instead of an individual's earning record is unauthorized work by noncitizens." .Other members, including Senator Bernie Sanders (VT), backed proposals that would lift the cap on income subject to the payroll tax. The cap currently sits at 8,500, which means that no earnings above that amount are subject to the 6.2 percent payroll tax. Senator Sanders said on Wednesday, "That is patently unfair. If we apply the Social Security payroll tax to income above 0,000, we could immediately bring in enough revenue to the Social Security trust fund to extend it for decades and also be able to increase benefits." .In the months ahead, The Senior Citizens League will continue to work for enactment of this and other legislation that would strengthen and enhance Social Security benefits for current and future beneficiaries. For progress updates, follow The Senior Citizens League on Twitter and Facebook.